List Of Top Online Stock Brokers For Do It Yourself Investors
- Posted on November 30, 2019
- Investing
- By admin admin
List Of Top Online Stock Brokers For
Do It Yourself Investors
Investors can pocket a few hundred
bucks just by opening an account with an online broker these days. Low
commissions to trade stocks or exchange-traded funds can save you more money in
the long run. Whether you’re a stock jockey, a saver or a retiree, finding a
firm that suits your needs is far more valuable than even a $600 bonus.
What makes for a
first-rate broker? It depends on what you value. Low fees may be critical for
active traders, but buy-and-hold types may want an array of no-transaction-fee
mutual funds. Brokers with unbeatable prices may lack the retirement-planning
tools or advisory services you need.
In this article, we would be looking
at the top five online stock brokers for do it yourself investors. This is based on
a review carried out Nerds Wallet and includes the advantages and disadvantages
of using these stockbrokers
Merrill Edge
Fees: $2.95
Account minimum: $0
Promotions: $300
Merrill
Edge offers high-quality customer service, robust research and low fees.
Customers of parent company Bank of America will love the seamless, thoughtful
integration, with a single login to access both accounts.
Pros
·
Robust
third-party research.
·
Integrated
with Bank of America.
·
Free
trades for eligible Bank of America customers.
Cons
·
$2.95
trade commission.
·
Minimum
balance requirement for active trading platform.
TD Ameritrade
Fees: $0
Acct. Min. $0
Promotions: up to $600
TD
Ameritrade meets the needs of both active traders and beginner investors with
quality trading platforms, $0 commissions on online stock, options and ETF
trades and a large selection of mutual funds.
Pros
·
Commission-free
stock, ETF and options trades.
·
Free
research.
·
High-quality
trading platforms.
·
No
account minimum.
·
Good
customer support.
·
Large
investment selection.
Cons
·
Costly
broker-assisted trades.
·
High
short-term ETF trading fee.
E-Trade
Fees:
$0
Acct.
Min.: $0
Promotions:
$100-$2500
E-Trade
has long been one of the most popular online brokers. The company's $0
commissions and strong trading platforms appeal to active traders, while
beginner investors benefit from a large library of educational resources.
Pros
·
Easy-to-use
tools.
·
Large
investment selection.
·
Excellent
customer support.
·
Access
to extensive research.
·
Advanced
mobile app.
·
Commission-free
stock, options and ETF trades.
Cons
·
Website
can be difficult to navigate
Interactive Brokers
Fees:
$0
Acct.
Min. $0
Promotions:
None
Interactive
Brokers' IBKR Lite is a strong option for frequent traders: The broker offers
international trade capabilities, no stock-trading commission and a quality
trading platform.
Pros
·
Commission-free
stock and ETF trades.
·
Large
investment selection.
·
Strong
research and tools.
·
Over
4,000 no-transaction-fee mutual funds.
·
No
inactivity fees on IBKR Lite.
Cons
·
High
options contract fee.
·
Access
to advanced platform requires IBKR Pro.
Trade Station
Fees:
$0
Acct.
Min. $500
Promotions:
up to $2500
Trade
Station is a strong choice for active stock, options and futures investors who
rely on the broker’s high-octane trading platform, reams of research and
sophisticated analytical tools. Active traders will like its per share/per
contract and unbundled pricing plans. There's also a flat-fee plan and the TSgo
plan that offers pared-down features but also $0 trade commissions. A lack of
commission-free ETFs and mutual funds can be a turnoff to some investors.
Pros
·
High-quality
trading platforms.
·
Comprehensive
research.
·
Low
commissions.
·
Advanced
tools.
·
Active
trader community.
Cons
·
No
commission-free ETFs.
·
Minimum
balance requirement for active trading platform.
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